London -LRB- CNN -RRB- -- A British parliamentary report slammed Barclays bank on Saturday for its `` disgraceful '' actions that led to a rate-rigging scandal .

The Treasury Select Committee issued a report after recent hearings over the scandal . Barclays was fined $ 450 million by British and American regulators after some of its traders purposely manipulated its interest rates as part of Libor , or London Interbank Offered Rate . The scandal also led to the resignation of Bob Diamond , its chief executive .

The report said the source of the scandal was a `` deeply flawed culture '' by Barclays and not just actions `` small group of rogue traders . ''

`` There was something deeply wrong with the culture of Barclays . Such behavior would only be possible if the management of the bank turned a blind eye to the culture of the trading floor , '' the report said .

The report regarded Barclays '' `` incentives and control systems '' as `` so defective '' that they served to reward traders themselves , not matter what `` the impact of shareholders and the bank 's overall performance '' would be .

`` Now exposed , their actions are to the detriment of Barclays ' reputation and the reputation of the industry . The standards and culture of Barclays , and banking more widely , are in a poor state . Urgent reform , by both regulators and banks , is needed to prevent such misconduct flourishing . ''

The issue is important because the scandal centered on the rates at which banks lend each other money .

The Libor is hammered out based on input from big banks in London each morning and used to calculate trillions of dollars in consumer and business loans around the world . It affects how much interest ordinary people pay on everything from credit card debt to home mortgages and student loans .

The fines against Barclays came after it admitted some of its trading desks purposely manipulated the rate for personal benefit during the height of the global financial crisis .

Between 2005 and 2009 , when Diamond was in charge of the investment branch of Barclays bank , traders were influencing the pricing of rates which impacts up to $ 800 trillion of securities . E-mails revealed as part of the rate fixing investigation showed traders were seeking beneficial rates for their trading positions .

Diamond , in a statement Saturday , labeled the `` behavior of a small group of traders related to Libor manipulation '' as `` reprehensible and not in keeping with Barclays ' high standards . ''

But he took `` particular issue with the attacks on Barclays ' culture and character '' and disputes the negative image of the bank . He said the bank `` is a tremendous institution with an over 300-year tradition of supporting economic growth and the communities in which we live and work . ''

`` It should be recorded that broader issues with Libor have been a subject of discussion among regulators for years , and there is little dispute that Barclays was both aggressive in its investigation of this matter and engaged in its cooperation with the appropriate authorities , '' he said .

Politicians from both sides of the fence have slammed Barclays , with Prime Minister David Cameron saying the manipulation was `` outrageous . ''

Further high-profile resignations in the banking sector are possible given the precedent set by Barclays . The bank said it had alerted U.S. and British authorities about suspicious Libor submissions by other banks in late 2008 , and was `` disappointed that no effective action was taken . ''

CNN 's Susannah Palk in London and Joe Sterling in Atlanta contributed to this report .

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A parliamentary report was issued on Saturday

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The committee cites a `` deeply flawed culture ''

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The management `` turned a blind eye to the culture of the trading floor ''

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Diamond took issue with attack on culture but called traders ' acts `` reprehensible ''